Terms and conditions for fans
Fanvestory.com website (“Website”), including its subpages and its related platform are run by Fanvestory OÜ, a limited liability company registered in Estonia (hereafter referred to as “Fanvestory”, “us”, “we”), address Soo tn 1b/4-46, Põhja-Tallinna linnaosa, Tallinn, Harju maakond, 10414.
Fanvestory provides a service that enables music fans to acquire the rights to receive royalties from the musical works, performances and phonograms provided on the Website. To understand better how we work and what type on copyrights and royalties we can provide please see Frequently Asked Questions (FAQ) at our website.
By registering an account on the Website and/or making a monetary contribution into any of the projects provided on the Website you acknowledge that you have read, understood, and agree to be bound by these terms (“Terms”).
If you have any questions, please contact us at: firstname.lastname@example.org.
THE COPYRIGHTS LICENSED BY FANVESTORY
In order to receive royalties from copyright exploitation of the musical works, Fanvestory signs publishing agreements with copyright owners, whereby Fanvestory will be entitled to receive royalties directly from the Collective Management Organizations (hereafter referred to as "CMO"). Additionally to collecting royalties from CMOs, the publishing agreements concluded with the copyright owners may allow us to sell the synchronization and merchandize rights regarding the musical works. Fanvestory will carefully select artists and authors, with whom it enters into publishing agreements. The copyrights acquired by Fanvestory regarding a specific musical works are hereafter referred to as “Copyright Package”. Owning Copyright Packages allows Fanvestory to grant you a sublicense to certain copyrights of various musical works.
Your right to receive royalties. By making a monetary contribution into a project via the Fanvestory Website, you will receive a non-exclusive sub-license to the Copyright Package of the specific musical work. The sub-license allows you to receive copyright-based royalties that the musical work earns from some or all of the following sources: live performances, radio broadcasts, TV broadcasts, online streaming or from synchronization deals (e.g use of the musical work in commercials). The details of each Copyright Package, including the revenue sources, are provided in the prospect set up for each musical work and made available on our Website (hereafter referred to as “Prospect”).
The extent of your right to receive royalties depends on the amount of the contribution that you have made in the Copyright Package (e.g. your share of the Copyright Package). The Prospect indicates the cost of 1% of the revenue right, as well as sets forth the minimum and maximum amounts that you can contribute. Prior to the payment, you will be provided the percentage of the royalties that you will be entitled to for your share of the Copyright Package.
Please note that your sub-license to the Copyright Package will extend only to the right to receive royalties from the sources and for the term as indicated in the Prospect. You will not acquire license to copy, reproduce, sell, perform, broadcast or otherwise exploit the musical works and/or the Copyright Package.
You hereby acknowledge that you have no right to demand any royalties directly from CMOs (such as EAÜ), artists/authors or any users. You have a right to receive royalties only from us and in amount that corresponds to the share of the Copyright Package that you have purchased from our Website.
The conclusion and term of your license agreement. The license agreement shall be concluded between you and Fanvestory and will enter into force once you have completed the payment process on the Website and transferred the fee due to our bank account. However, please note that your right to receive royalties shall start 14 calendar days after the period of making contributions in the Copyright Package has ended.
The term of your sub-license is indicated in the Prospect. Please note that your right to receive royalties will terminate after the expiration of the term. However, in specific cases Fanvestory may provide you an option to extend the term upon payment of additional fee.
If the total contribution made into a Copyright Package remains too low, Fanvestory may, in its sole discretion, cancel all sub-licenses acquired to such Copyright Package and return the fees already paid.
Please note that acquiring royalty rights of a musical work is risky, which will pay off only if the musical work gains sufficient amount of popularity. You hereby acknowledge that you will be solely responsible for the risk arising from acquiring the royalty rights. Fanvestory, the CMOs, authors/artists or no other third party shall be liable to reimburse you any fees, if your contribution made via the Fanvestory Website is not profitable and/or you lose all or substantial part of your contribution.Payment. Payment for the shares of the Copyright Package shall be paid in Euros (EUR), by paying via the bank link, credit card or bank wire transfer (if so provided). If the money transfer does not arrive within three (3) work days, Fanvestory may cancel your right to acquire the share of the Copyright Package.
The payments made via bank link or credit card are collected and processed by Maksekeskus AS.
DISTRIBUTION OF ROYALTIES BY FANVESTORY
Fanvestory will collect the fees regarding the Copyright Package paid by the CMOs or from synchronization or merchandising deals. Upon receiving the royalties and/or other fees, we are able to distribute to your Fanvestory account the money corresponding to your share of Copyright Package (hereafter referred to as “Royalty payout”). The Royalty payouts received from the CMOs will be made as soon as possible after receipt of the royalties from the CMO by Fanvestory.
For avoidance of confusion, please note that we receive royalties only from CMOs and have no authorization to collect them directly. This means we can pay you Royalty payout only if the CMOs have collected the royalties and distributed to us. For a more specific description on how we distribute the royalties please see FAQ.
If we manage to sell synchronization and/or merchandising rights regarding the Copyright Package we will collect and receive the royalties directly for the purchaser of such rights. In such case the Royalty payout will be made as soon as possible, but not later than 2 (two) months as of receipt of the fees for synchronization and merchandize rights by Fanvestory.
We keep you updated regarding your Royalty payout and you can see your balance in your user account at all times. In order to provide you transparency, we will provide overviews of any synchronization or merchandising deals concluded as well as the available documentation and statistics regarding the exploitation of the Copyright Package.
USE OF ROYALTY PAYOUT
After a Royalty payout, the fees will become visible in your Fanvestory account and added to your previous balance. You may transfer any fees from your Fanvestory account to your bank account at all times by following the procedure described on the Website. You may also use your account balance to purchase other Copyright Packages or purchase artist’s merchandise, concert tickets or other products that may be provided on the Fanvestory Website.
RESALE OF SHARES OF COPYRIGHT PACKAGE
You are entitled to resell your shares of the Copyright Package on the aftermarket of the Fanvestory Website, once such functionality has been provided. The resale of your shares of the Copyright Package is valid only if the resale is done via our platform, you may not sell your shares of the Copyright Package in any other manner. Once the aftermarket is opened, Fanvestory provides you with the payment models and tools to facilitate such resale. Please read more about resale structure and platform functionalities under FAQ. Take into account that we, the artists or the authors are not obliged to buy back your shares of Copyright Package. From time to time we may provide offers to buy back the shares of Copyright Package but this is our sole discretion to decide when and on what conditions we make such offers.
THE COMMISSION FEE
Fanvestory takes the following commission fees:
- 2,5% of the transaction fee + 1,3 Euros + VAT from each resale of the shares of the Copyright Package;
- 10% from the royalties that are distributed to us by the CMOs;
- 25% of the total fee paid from sale of any synchronization and merchandize rights.
REGISTERING THE USER ACCOUNT
To use our platform, you must register an account by following the registration process as described on the Website. Upon completion of the registration, you shall gain access to your Fanvestory account.
By registering an account on the Website, you agree:
to provide and keep the information about you as requested by Fanvestory accurate, current and complete;
to maintain the confidentiality of your password and other information related to the security of your account;
to be fully responsible for all use of your account and for any actions that take place through your account, including responsibility for compliance with all laws and regulations that are applicable to you or the content you use or create in connection with the services;
to provide your personal bank account.
By agreeing to these Terms, you represent that you are at least the age of 13 and if you are under age of 18 your parents have given you consent and pocket money to make purchases on our Website. Fanvestory Services are not intended for legal entities and we will reject any use of Fanvestory Website and Services by or on behalf of legal entities.
After registering an account, Fanvestory shall review your application before granting you access to the Services. If Fanvestory suspects that the information you have provided is incorrect or you might use the Services in violation of these Terms, then in its sole discretion, Fanvestory may prohibit you access to its platform.
Please note that you will be allowed to register and receive your receive Royalty payout only if you provide your own bank account.
Prior to registering a user account at the Website or contributing into a project Fanvestory may require you to provide additional identification information, your digital signature and/or copy of your identification document, for the purposes of complying with money laundering and terrorist financing prevention regulation.
YOUR RESTRICTIONS AND OBLIGATIONS
Fanvestory reserves the right to suspend or terminate access to its platform immediately to any user, whose activity is disrupting, causing harm to the platform infrastructure or third parties, or otherwise violates the Terms. You agree to reimburse Fanvestory for any expenses or costs, including consequential damages, we or anyone else may incur as a result of a breach of the foregoing representations and obligations.
TECHNICAL AND CUSTOMER SUPPORT
On the Website you will find contact information for the purpose of providing you customer support. We do not guarantee that the technical and/or customer support will be available at all times.
Fanvestory may at all times and without prior notice, make functional, procedural or technical changes or improvements to the Website or the platform. Fanvestory is under no circumstances obliged to adjust or add any specific functionality to the Website or platform.
YOUR PRIVACY AND COLLECTION OF DATA
CANCELLING YOUR PURCHASE
You can cancel your purchase during 14 days by sending us the notice by email. If you cancel your purchase you are not entitled to receive any royalties gained by your shares of Copyright Package.
LIMITATION OF LIABILITY
OUR SERVICES, WEBSITE, TOOLS AND INFORMATION ARE PROVIDED ON AN “AS IS” BASIS AND, OTHER THAN EXPRESSLY SET OUT IN THE TERMS, WITHOUT WARRANTIES OF ANY KIND. ALTHOUGH WE ARE STRIVING TO PROVIDE YOU AS QUALITY SERVICES AS POSSIBLE, WE DO NOT WARRANT THAT OUR WEBSITE OR SERVICES WILL BE ERROR-FREE AND UNINTERRUPTED NOR DO WE WARRANT THAT ANY OF THE CONTRIBUTION WILL BE PROFITABLE OR THAT YOU WILL RECOVER YOUR MONEY PAID.
UNLESS EXPLICITLY STATED OTHERWISE, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, FANVESTORY OR ITS DIRECTORS, EMPLOYEES, PARTNERS AND AGENTS, ARE NOT LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF WEBSITE AND/OR SERVICES. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, FANVESTORY AND ITS DIRECTORS, EMPLOYEES, AFFILIATES, SUPPLIERS AND PARTNERS WILL NOT BE LIABLE FOR ANY DAMAGES THAT EXCEED THE TOTAL AMOUNTS YOU HAVE PAID FOR THE SERVICES.
We assume no liability for non-operability or impaired accessibility to Website or platform due to, but without limitation to, technical difficulties or dependence on the services of the third parties.
Some states/jurisdictions do not allow exclusion of implied warranties or limitation of liability for incidental or consequential damages, so in such jurisdictions the above limitations or exclusions may not apply. In such case, our liability and that of its affiliates, suppliers and partners will be limited to the greatest extent permitted by law.
You agree to defend, indemnify and hold harmless Fanvestory and our employees, contractors, agents, officers and directors, from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorney's fees), resulting from or arising out of your use and access of the Website and/or the platform.
If any of the provisions of the Terms proves to be void or voidable, or is or becomes invalid in full or in part for any other reason, the remaining provisions of the Terms will continue to apply in full. We will replace the invalid stipulation by a stipulation that is valid and whose legal consequences, in view of the substance and purpose of the Terms, correspond as much as possible to those of the invalid stipulation.
Our failure to exercise or enforce any right or provision of this Agreement will not constitute a waiver of such right or provision.
We reserve the right, at our sole discretion, to make changes to the Terms at any time. If a revision is material we will provide at least 14 days notice on the website prior to any new terms taking effect. By using our platform after those revisions become effective, you agree to be bound by the revised Terms.
These Terms shall be governed and construed in accordance with the laws of Republic of Estonia, without regard to any choice of laws or conflicts of law provisions. You agree that any lawsuit arising from or related to platform shall be brought exclusively to courts located in Tallinn, Estonia and you consent to the exclusive jurisdiction of such courts.
In case of any questions or if you wish to submit a complaint, please contact us.
If you use our Services as a natural person, are an EU citizen and wish to submit a complaint about the Services, you may also submit the complaint via the EU online dispute resolution platform, which can be accessed here. Information on the proceedings can be also found on the foregoing webpage.